Evans Senior Investments, headquartered in Chicago, Ill., recently announced the sale of a Colorado senior housing community for $28 million, or $225,000 per unit, to VTR Vistas Longmont LLC, which was formed by Chicago-based REIT Ventas, Inc. (NYSE:VTR).
Built in 2009, The Vistas, located in Longmont, Colo., is a 124-unit independent and assisted living community that also has a secured memory care wing. It will be managed by Atria Senior Living Group, which operates more than a hundred of Ventas’ other properties.
The cap rate for the transaction was below 6% with a 2011 annualized EBITDA near $1.5 million. At time of sale, the community had an occupancy rate of 79%.
Written by Alyssa Gerace